| ESSEL MEDIA CORPORATION LIMITED |
| Notes to the Accounts |
| for the year ended 31 March 2023 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Going concern |
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The director has assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The director has made this assessment in respect to a period of one year from the date of approval of these accounts.
The director has concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The director is of the opinion that the company will have sufficient resources to meet its liabilities as they fall due.
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
Dinesh Bathmanathan |
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Firm: |
Kaiser Nouman Nathan LLP |
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Date of audit report: |
29 March 2024 |
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| 3 |
Employees |
2023 |
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2022 |
| Number |
Number |
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Average number of persons employed by the company |
0 |
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0 |
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| 4 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
| £ |
£ |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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12,368 |
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65,960 |
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Other creditors |
7,900 |
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23,650 |
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20,268 |
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89,610 |
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| 5 |
Related party transactions |
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The company has taken advantage of exemption under the terms of Financial Reporting Standard 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland, not to disclose related party transactions.
The director considers Essel International Holdings Ltd, a company incorporated in Cyprus as the Company Parent and its ultimate parent company. |
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| 6 |
Controlling party |
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The ultimate controlling party is Dr Subhash Chandra. |
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| 7 |
Other information |
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ESSEL MEDIA CORPORATION LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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Devonshire House |
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582 Honeypot Lane |
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Stanmore |
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Middlesex |
|
HA7 J1S |
